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Should a person who holds Power of Attorney for their mother's bank accounts change the accounts to joint thereby eliminating the need for a POA?
Wiki User
∙ 17y ago
Unless a POA has been designated otherwise it can be beneficial in many aspects of the grantor's personal and financial matters. Changing the bank accounts to joint if the POA grantor is capable of agreeing to the action could prove beneficial upon the death of the account holder. Most joint accounts are held as Joint Tenants With Rights Of Survivorship (JWTRS) this allows all designated property/assets to pass directly to the named persons and bypass probate procedures and estate/inheritance taxes. There are of course, issues that should be considered before making such a move. First, if SS benefits are deposited in the account it is not a good idea for anyone other than a spouse to be a joint account holder, for a number reasons. Secondly, funds in the accounts would legally belong to the joint holder upon the death of the parent. The interested party might wish to consider how other family members might react to such an arrangement. General info: A POA becomes invalid upon the death of the grantor.
Wiki User
∙ 17y ago
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